請問CFA L1 book5 Alternative Investment - 金融分析師

※ 引述《wenting2 (要加油了!)》之銘言：
: 請問在Schxxser牌參考書中, book 5的 pg.207中間偏下
: 有NPV的3個Cash Flow:
: year 0: -$370,000
: year 1: $39,243 -> After tax cash flow有算出來
: year 2: $38,991
: year 3: $538,721
: CPT-> IRR = 20.18%
: 請問: y2: $38,991 y3: $538,721是怎麼算出來的呢?
: 謝謝大家指點~

Y2 Interest
= (borrowed amount remaining-Y1 principal)*r
= (1,480,000-8,779)*0.1
= 147,100

Y2 After-tax net income
= (NOI-depreciation-interest)*(1-tax rate)
= (197,500-45,000-147,100)*0.72
= 3,888

Y2 Principal payment
= annual payment-interest
= 156,997-147,100
= 9,897

Y2 after-tax cash flow
= after-tax net income+depreciation-principal payment
= 3,888+45,000-9,897
= 38,991


依此類推求出Y3=38,721

Y3 after-tax cash flow
=1,950,000-1,450,000+38,721
=538,721


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